Clean Up Work
Professional Accounting Solutions provides retroactive accounting services. Retroactive accounting is also known as back work, catch-up work or clean-up work. Retroactive accounting or back work is the process by which all past accounting records are cleaned up, organized and brought up to date for IRS compliance and income tax purposes.
When clients are audited by the IRS, CPAs, or in order to be IRS compliant, they are required to have an accurate set of books. This requires accurate accounting records for each month of the fiscal year.
When this is requested or even required, Professional Accounting Solutions will research all bank records and all additional records and match or re-enter all accounting and bookkeeping records into QuickBooks. We will clean-up the chart of accounts or list of all debits and credits and organize all financials into a format that is accurate and meets GAAP or generally accepted accounting principles required by a CPA or the IRS.
Professional Accounting Solutions will then provide a financial analysis of these reports to double check for accuracy. Once this process has been completed, Professional Accounting Solutions will compile the financial reports into a format that can be delivered to the CPA(s) and the IRS.
During the retroactive accounting process, Professional Accounting Solutions will meet with our clients often to ask for information as needed. We will discuss all transactions and miscellaneous expenses that need further explanation to check for accuracy.
Companies should be aware that banks often charge fees for gathering old bank statements from previous years. To avoid these fees, it is critical that each company keep their records up to date on a month-to-month basis each year.
Contact us to find out more about these services.